Brent closed last night down 0.27 to $56.85 and WTI closed at $53.54 down 0.34. We have rallied 1% in a week. I don't see us climbing much higher than here, even with rumours of the US looking at imposing new sanctions on Iran (all of which are rumoured, I reiterate). With the OPEC/ non-OPEC agreement seemingly being complied with, the market hasn't really reacted that much. One month in, everyone is compliant. Let's see where we are in another two months, then we can really judge.

Founded in 2002, Freight Investor Services is a specialist in dry bulk and commodity derivatives, including cargo freight, iron ore, fertilizer and bunker fuel. The company has offices in London, Dubai, Singapore and Shanghai.